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Good morning. Here’s what you need to know.
- Asian markets mostly lower in overnight trading with the Shanghai Composite down 0.12 per cent. Europe is sharply lower over uncertainty in Greece, and U.S. futures are in the red.
- Coalition talks have resumed in Greece after weekend elections saw voters flock to anti-bailout and anti-austerity parties. Antonis Samaras, leader of the conservative New Democracy party said yesterday that he failed to form a new government. Greece: This is what comes next >
- German industrial production surged 2.8 per cent in March, from February when it declined 0.3 per cent. This beat expectations of a 0.8 per cent gain, and adds to signs that the country could have avoided a recession.
- Spain is reportedly planning a state bailout of Bankia, the nation’s third largest bank by assets. The bank could get as much as €7 billion – €10 billion of additional capital. This comes after the government had insisted that its banks would not need additional state money to clean up its banks. Now here are 10 horrible facts about Spain >
- In earnings news, Walt Disney is expected to report earnings of $0.56 per share, and Demand is expected to announce earnings of $0.05 per share. The world’s biggest companies reveal what’s really happening in the global economy >
- Europe’s biggest bank HSBC reported reported Q1 operating revenue of $20.44 billion, while net profit fell to $2.58 billion, from $4.15 billion a year ago. Profits were boosted by HSBC’s investment banking division.
- In M&A news, America Movil, controlled by Mexican billionaire Carlos Slim, is looking to buy a $4.2 billion stake in Dutch telecoms firm KPN. America Movil is the biggest mobile operator in Latin America and this acquisition could mark a broader expansion into Europe.
- A UK house-price index fell to -19 in April, from -11 the previous month, hitting a six-month low. The report by London-based RICS shows that demand dropped after a stamp-duty exemption expired. A reading below zero shows that more surveyors saw price drops than gains.
- South Korean PPI rose 2.4 per cent year-over-year, and eased 0.1 per cent from the previous month. Prices cooled as the costs of meat and fish declined. Check out the 29 most bizarre economic indicators in the world >
- A month after he suspended his campaign, Rick Santorum finally endorsed Republican presidential hopeful Mitt Romney last night.
- Bonus – Stars including Jessica Alba made appearances at last night’s Met Costume Institute Ball.